IamFire Plc - Interim Results to 31 October 2022
Announcement provided by
WeCap Plc · WCAP30/01/2023 11:18
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY IAMFIRE PLC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
IamFire plc
AQSE: FIRE
(“FIRE” or the “Company”)
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2022
CHAIRMAN’S STATEMENT
I am pleased to present the interim results for IamFire plc (AQSE: FIRE) for the period of 30 April 2022 to 31 October 2022.
The period culminated in a successful £3.5m equity raise that was announced on 18 November 2022. The Board was delighted with the calibre of investors that have joined the IamFire shareholder base, including the Miton UK MicroCap Trust plc, which has become a disclosable shareholder holding some 8.6% of the Company’s issued share capital.
The Board sees the £3.5m equity raise as a strong vote of confidence in the Company’s investment portfolio and in particular the prospects of the WeShop social commerce platform as it continues to lay the foundations for its growth and scaling.
The Board used £2.5m of the equity raise to subscribe for Convertible Loan Notes (“CLNs”) in WeShop Holdings Limited (“WeShop”) that it had an option over. The Company retains a further £1.25m of CLNs available to be subscribed for prior to 18 May 2023.
The Company announced on 21 November 2022 that the launch of the WeShop social commerce platform was gathering real traction with user downloads at 43,000 as at 19 November 2022 and Gross Merchant Value (“GMV”) of transactions through the platform running at £12.1m on an annualised basis as at the end of October 2022. Since then, the Board is pleased to report that the growth trajectory of the WeShop platform continues to accelerate with over 85,000 user downloads as at the current date and an annualised GMV based on January’s data in excess of £24m.
Bio2pure Limited is developing technology to clean up polluted waterways. IamFire currently owns 10% of the issued share capital of Bio2pure which it acquired through the issuance of 4,000,000 IamFire shares at a deemed price of 20p per share in August of 2020.
Financial Review
The Company’s financial results for the six months ended 31 October 2022 show a loss of £169,560 (2021: loss of £86,186) which includes administrative costs of £100,946 (2021: £67,905), revenue of £nil (2021: £nil), finance income of £181,479 (2021: £181,479) and finance costs of £199,760 (2021: £199,760).
As at 31 October 2022, the Company had cash reserves of £79,435 (2021: £340,870).
The 2022 interim financial report of the Company has not been audited or reviewed by the Company's auditor, PKF Littlejohn LLP.
Outlook
The Board continues to look forward to the future progress in both of its primary investments, WeShop and Bio2pure Limited. Fire will update the market on these investments in the near term and the Directors would like to thank shareholders for their continued support.
S Barblett
Chairman
30 January 2023
The Directors of the Company accept responsibility for the contents of this announcement.
REGULATORY ANNOUNCEMENT ENDS
Enquiries:
Company:
Sandy Barblett
John Taylor
Fiona Wilmot
info@iamfireplc.com
Peterhouse Capital Limited (Corporate Adviser):
Narisha Ragoonanthun / Guy Miller: + 44 (0) 20 7469 0930 (Direct)
Corporate Broker
Lucy Williams: +44 (0) 20 7469 0930
Duncan Vasey: +44 (0) 20 7220 9797 (Direct)
STATEMENT OF COMPREHENSIVE INCOME
| Six months to 31 October 2022 |
Six months to 31 October 2021 |
||||||
| Note | (unaudited) | (unaudited) | |||||
| £ | £ | ||||||
| CONTINUING OPERATIONS | |||||||
| REVENUE | - | - | |||||
| Administrative expenses | (100,946) | (67,905) | |||||
| Loss on revaluation of investments | (50,333) | - | |||||
| OPERATING LOSS | (151,279) | (67,905) | |||||
| Finance income | 181,479 | 181,479 | |||||
| Finance costs | (199,760) | (199,760) | |||||
| LOSS BEFORE TAXATION | (169,560) | (86,186) | |||||
| Taxation | - | - | |||||
| LOSS FOR THE FINANCIAL PERIOD | (169,560) | (86,186) | |||||
| Other Comprehensive Income | - | - | |||||
| TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | (169,560) | (86,186) | |||||
| Earnings per share | |||||||
| Basic EPS (£) | 3 | (0.001) | (0.002) |
STATEMENT OF FINANCIAL POSITION
| As at 31 October 2022 |
As at 30 April 2022 |
As at 31 October 2021 |
|||||
| Note | (unaudited) | (audited) | (unaudited) | ||||
| £ | £ | £ | |||||
| ASSETS | |||||||
| NON-CURRENT ASSETS | |||||||
| Investments at FVTPL | 800,000 | 800,000 | 814,677 | ||||
| Tangible fixed asset | 1,117 | 1,375 | - | ||||
| 801,117 | 801,375 | 814,677 | |||||
| CURRENT ASSETS | |||||||
| Trade and other receivables | 85,854 | 99,473 | 19,672 | ||||
| Investments at FVTPL | 69,500 | 119,833 | 56,300 | ||||
| Financial assets at FVTPL | 9,584,920 | 9,153,440 | 4,974,936 | ||||
| Cash and cash equivalents | 79,435 | 429,386 | 340,870 | ||||
| 9,819,709 | 9,802,132 | 5,391,778 | |||||
| TOTAL ASSETS | 10,620,826 | 10,603,507 | 6,206,455 | ||||
| EQUITY | |||||||
| Called up share capital | 4 | 1,020,087 | 1,020,087 | 624,254 | |||
| Share premium | 4 | 7,933,038 | 7,933,038 | 3,932,752 | |||
| Other reserves | 463,014 | 463,014 | 107,618 | ||||
| Retained earnings | 4 | (4,085,089) | (3,915,529) | (3,469,275) | |||
| TOTAL EQUITY | 5,331,050 | 5,500,610 | 1,195,349 | ||||
| LIABILITIES | |||||||
| NON-CURRENT LIABILITIES | |||||||
| Financial liabilities - borrowings | |||||||
| Interest bearing loans and interest | 5,269,858 | 5,070,098 | 4,873,595 | ||||
| CURRENT LIABILITIES | |||||||
| Trade and other payables | 19,918 | 32,799 | 137,511 | ||||
| 19,918 | 32,799 | 137,511 | |||||
| TOTAL LIABILITIES | 5,289,776 | 5,102,897 | 5,011,106 | ||||
| TOTAL EQUITY AND LIABILITIES | 10,620,826 | 10,603,507 | 6,206,455 | ||||
STATEMENT OF CASHFLOWS
Note |
Six months to 31 October 2022 |
Year ended 30 April 2022 | Six months to 31 October 2021 |
||||
| (unaudited) | (audited) | (unaudited) | |||||
| £ | £ | £ | |||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
| Loss for the year | (169,560) | (424,822) | (86,186) | ||||
| Adjustments for: | |||||||
| Depreciation | 258 | 172 | - | ||||
| Loss/(gain) on revaluation of fixed assets | 50,333 | 14,844 | 3,700 | ||||
| Finance costs | 199,760 | 396,263 | 199,760 | ||||
| Finance income | (181,479) | (360,000) | (181,479) | ||||
| Share based payments | - | 175,897 | - | ||||
| Increase in trade and other receivables | 13,619 | (86,567) | (6,782) | ||||
| Increase/(decrease) in trade and other payables | (12,882) | (64,725) | 39,986 | ||||
Net cash used in operating activities |
(99,951) |
(348,938) |
(31,001) |
||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
| Purchase of investments at FVTPL | - | (60,000) | - | ||||
| Purchase of property, plant and equipment | - | (1,547) | - | ||||
| Investment in convertible loan notes | - | (4,000,000) | - | ||||
| Investment in option for convertible loan notes | (250,000) | - | - | ||||
Net cash used in investing activities |
(250,000) |
(4,061,547) |
- |
||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
| Proceeds from the issue of ordinary shares | - | 4,831,000 | 363,000 | ||||
| Net cash generated from financing activities | - | 4,831,000 | 363,000 | ||||
| Net (decrease) in cash and equivalents | (349,951) | 420,515 | 331,999 | ||||
| Cash and cash equivalents at beginning of period | 429,386 | 8,871 | 8,871 | ||||
| Cash and cash equivalents at end of period | 79,435 | 429,386 | 340,870 | ||||
STATEMENT OF CHANGES IN EQUITY
Share capital |
Share premium |
Other reserves | Retained earnings |
Total Equity |
|||||
| £ | £ | £ | £ | £ | |||||
| Balance as at 1 May 2021 | 593,504 | 3,708,120 | 107,618 | (3,490,707) | 918,535 | ||||
| Loss for the period | - | - | (86,186) | (86,186) | |||||
| Total comprehensive income | - | - | (86,186) | (86,186) | |||||
| Issue of share capital (net of issue costs) | 30,750 | 332,250 | - | 363,000 | |||||
| Balance as at 31 October 2021 | 624,254 | 4,040,370 | 107,618 | (3,576,893) | 1,195,349 | ||||
| Loss for the period | - | - | (338,636) | (338,636) | |||||
| Total comprehensive loss for the period | - | - | (338,636) | (338,636) | |||||
| Issue of share capital (net of issue costs) | 395,833 | 4,072,167 | - | 4,468,000 | |||||
| Grant of options/warrants | (179,499) | 355,396 | - | 175,897 | |||||
| Balance as at 30 April 2022 | 1,020,087 | 7,933,038 | 463,014 | (3,915,529) | 5,500,610 | ||||
| Balance as at 1 May 2022 | 1,020,087 | 7,933,038 | 463,014 | (3,915,529) | 5,500,610 | ||||
| Loss in the period | - | - | (169,560) | (169,560) | |||||
| Total comprehensive loss for the period | - | - | (169,560) | (169,560) | |||||
| Issue of share capital | - | - | - | - | |||||
| Balance as at 31 October 2022 | 1,020,087 | 7,933,038 | 463,014 | (4,085,089) | 5,331,050 |
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
- GENERAL INFORMATION
The principal activity of the Company is to establish strategic and portfolio investment opportunities in Social Commerce, Life Sciences and Natural Resources.
IamFire plc is a public limited company incorporated in
- BASIS OF PREPARATION
These condensed interim financial statements for the period ended 31 October 2022 have been prepared in accordance with the AQSE rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 30 April 2022, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.
The interim financial information set out above does not constitute statutory accounts as defined by Section 434 of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of IFRS as adopted by the European Union. Statutory financial statements for the year ended 30 April 2022 were approved by the Board of Directors on 27 October 2022 and delivered to the Registrar of Companies. The report of the independent auditor on those financial statements was unqualified.
- EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the earnings attributable to shareholders by the weighted average number of ordinary shares (“WANS”) outstanding in the period. Diluted earnings per share is calculated using the weighted average number of shares adjusted to assume the conversion of all dilutive potential ordinary shares. Diluted loss per share has not been calculated as the options and warrants have no dilutive effect given the loss arising in the period.
| Six months to 31 Oct 2022 | Six months to 31 Oct 2021 |
Year ended 30 April 2022 | |||
| Earnings (£) | (169,560) | (86,186) | (424,822) | ||
| WANS (No.) | 205,347,350 | 35,115,104 | 100,878,674 | ||
| Earnings per share (£) | (0.001) | (0.002) | (0.004) | ||
- CALLED UP SHARE CAPITAL
As at the end of the reporting period the issued share capital in the Company was as follows:
| At 31 October 2022 (unaudited) |
At 31 October 2021 (unaudited) |
At 30 April 2022 (audited) |
|||
| No. | No. | No. | |||
| Ordinary shares of £0.0025 | 205,347,350 | 47,014,017 | 205,347,350 | ||
| Deferred shares of £0.2475 | 2,047,350 | 2,047,350 | 2,047,350 |
Equity comprises the following:
Share capital: represents amounts subscribed for shares at nominal value
Share premium: represents amounts subscribed for share capital, net of issue costs, in excess of nominal value.
Retained earnings: represents the accumulated profits and losses attributable to equity shareholders.
The interim financial information document will also be available on the Company’s website www.iamfireplc.com
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